“My apps so great I proposed giving all the money back”
Yeah, unbelievable that someone is okay with doing something just for fun.
In that case I’ll send you my address and you can send me the 10’s of thousands of ICP. Don’t want you to feel guilty about just having fun.
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I was purchasing SEER neurons until the DAO requested a pause. If you have a neuron, feel free to sell it on IdGeek and DM me—I’d be happy to propose a purchase.
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Back on topic:
This is a serious problem (the neurons fund abuse). How do we fix it?
I have a few ideas:
- cap the distribution of the fund to 20%-30% of direct contributions.
And/or
- SNS projects “apply” for the neurons fund via a proposal to the NNS, AFTER the direct contribution funding round. The same way they apply to become an sns. This would allow time for independent audits of sns to take place.
I have more gripes with the sns besides the neurons fund. Currently it is too difficult to predict the projects token valuation because the acceptable funding range is too wide. Ie: if the minimum funding is 10k the max shouldnt be 100k. It should be within 50% at most. But ill stick to discussing the neurons fund since that is the problem right now.
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Lets all calm down and steer this back on track:
@Lorimer brought forth concerns that the neurons fund is vulnerable to attacks by fraudulent activity from sns who do not have the best interests of the protocol or the community in mind. Which has become very apparent due to recent events.
This lack of trust in the sns system caused @tacodaoicp to cancel their sns launch.
I think we can All agree that the solution is not to do nothing. We need to propose a solution, and quickly, so that teams can get funding and faith can be restored in the system.
@wpb brought up legitimate concerns that neurons funds contributions belong to those who choose to contribute. I agree.
However, the community are the ones who select the benefactors of the fund, by means of direct contribution. And the community should have a right to due diligance of not being defrauded.
Therefore i propose:
Edit:
I just realized this functionality (2) could also allow projects that never received the neurons fund, or need additional funding to apply, creating more sustainable opportunities for teams who build lasting products that engage with and benefit the whole community. (Which currently is not incentivized)
Thoughts?
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This is from our board at the Forum: since all of our projects are licensed-regulated so we can not do SNS launches, but we do participate.
We completely agree that neuron fund participation mechanism should be improved. There is no governance or legal reason why friends-family can’t participate, but participation as you highlighted leads to abuse of the neuron fund. We suggested earlier a KYC procedure to be used especially with large contributions. Obviously decoupling both and having a neuron fund participation after should also have a KYC. We feel this is basic considering that most investment decisions often come with a huge DD and kyc-kyb is the least that could be expected.
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